Toronto, ON, Canada — May 1, 2014
Strategic Information Technology Ltd. ("SIT") is pleased to announce that a Canadian bank has begun using the internal re-registration and automatic interest rate update (AIU) features available when using Portfolio Plus and CANNEX.
"These two new services are the latest examples of how SIT and CANNEX continue to strengthen their commitment to creating better automated services for the Canadian GIC marketplace", said Alex Melvin, President of CANNEX.
Re-registration occurs when a customer decides they want their GIC in another investment plan at the same dealer. Normally, this type of change could take seven days or more. However using automated re-registration, this change can be realized in as little as a day. This eases the burden on personnel that are involved in the re-registration process as well as those involved in month end reconciliation activities.
Automated interest rate updates (AIU) virtually eliminate the risk of errors caused by the manual entry of interest rates. The AIU feature also ensures that the products being offered in the electronic GIC market reflect the latest updated interest rates of the issuing institution.
"At SIT we work closely with partners like CANNEX to ensure our customers have a market advantage," said G. Robert Leeming, President of SIT. "We believe the AIU and re-registration features will allow this bank to realize more efficiency in their day-to-day operations."
Portfolio Plus offers the most up to date CANNEX automated GIC functionality available on any financial software platform in today's market.
Portfolio Plus is used by banks, trust companies, and other financial organizations to implement their own flavour of financial products and services.
CANNEX Financial Exchanges Limited is a privately held Canadian company that has provided data and information services to the financial services industries in Canada since 1983 and the United States since 1996.
CANNEX is an independent third party and is not licensed to sell financial products. None of its shareholders, directors or employees are licensed to sell financial products.
No financial institution or broker/agent organization owns or controls any shares of CANNEX.
SIT, formed in 1988, develops and markets Portfolio Plus which is used by customers like RBC, CIBC, TD, ING Bank of Canada, PC Bank, Canadian Tire, and Manulife. Portfolio Plus offers a unique Plug-In BankingTM architecture and a Financial Services BusTM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables credit unions, banks, trust companies and building societies to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit cards, leasing, and credit bureau interfaces. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.
SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.
Portfolio Plus, Plug-In Banking and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.
For more information:
Strategic Information Technology
Telephone: 905-640-0808 x452
This page was created or refreshed on March 29, 2019 @ 14:11:03
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: CANNEX Re-Registration